Pre-foreclosure counseling from Stross Law Firm, P.A. is geared to help homeowners avoid becoming victims of foreclosures in Florida.
Unemployment rates and a sour economy have contributed toward an unprecedented rate of foreclosed homes in Florida over the last several years. However, many homeowners are able to avoid foreclosure if they understand their options and take advantage of them.
Stross Law Firm’s counseling for homeowners threatened with foreclosure is designed to achieve the following goals:
- Educate the homeowner on the foreclosure process
- Identify options for avoiding foreclosure
- Lead the homeowner through the steps necessary to take advantage of foreclosure-avoidance options
- Negotiate with lenders and otherwise act on the homeowner’s behalf when necessary
Not every homeowner can avoid foreclosure, but many can. Finding a solution that avoids foreclosure can give you peace of mind and protect your credit rating from significant damage.
To find out if you are eligible for foreclosure-avoidance options, Contact Us today and schedule a Free Consultation for Pre-Foreclosure Counseling: call 813-852-6500 or call toll-free at 866-815-0081.
Options to Foreclosure: Counseling Identifies Solutions for Your Unique Situation
There have been too many foreclosures in Florida over recent years, and lenders don’t really want to foreclose on more homes. Lenders usually lose a great deal of money on foreclosed homes in Florida. Because of this, many lenders are willing to negotiate and consider alternatives for homeowners who have defaulted on their home loan.
Below are some of the options that may be available to you if you’ve defaulted on a home loan. You’re pre-foreclosure counseling attorney can help you identify the most viable options:
Also called “forbearance,” this option involves negotiating with the lender to develop a plan for repaying the back payments over time. Usually the homeowner must also keep up on current payments.
Some homeowners can refinance their home if they have sufficient equity in the house.
Pay off the total amount due on the mortgage to date. While the simplest option, and one that doesn’t require lender approval, it is usually the most difficult because of the large sum involved.
Modify Loan Terms
Negotiate with the bank to lower the loan’s interest rate or principal balance, alter the terms of the loan, or a combination of these to reduce mortgage payments to an affordable amount.
Sell the House
This is only an option if there is enough equity in the home.
If the mortgage debt is more than the house is worth, you may be able to negotiate with the lender for a short sale that allows the house to be sold for less than the loan amount. Usually the house must be on the market already and the homeowner must have a financial hardship, such as recently losing a job, in order to qualify.
Rent the House
If current rental rates for the market are sufficient to cover the mortgage payment, the homeowner may choose to rent the house out and use rent payments to pay the mortgage.
Deed in Lieu of Foreclosure
With lender approval, a homeowner may be able to turn the house over to the lender without argument in exchange for the lender not filing for foreclosure.
If payments on unsecured loans, like credit cards and medical bills, keep a homeowner from making mortgage payments, filing for bankruptcy may free up funds to pay the mortgage. However, this is rarely the best option.
More About Pre-Foreclosure Counseling from Stross Law Firm, P.A.
To find out more about foreclosed homes in Florida and how pre-foreclosure counseling from Stross Law Firm, P.A. can help you, please visit these pages:
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If you have additional questions about avoiding foreclosures in Florida, please contact the pre-foreclosure counseling attorneys at Stross Law Firm, P.A. via the Contact Us page. You can also call us directly at 813-852-6500 or call toll-free at 866-815-0081.